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July 2005

Tezos (XTZ) Outperforms in 2020: Here are the Key Drivers

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Tezos

Tezos

The New Year has seen a degree of a turnaround in the crypto space, as many tokens have recorded significant gains. One notable gainer is Tezos (XTZ). Since the start of the year, the XTZ token has more than doubled in price, and it goes without saying that it could be on the radars of most crypto traders by this point.

More importantly, the coin has managed to break into the top 10 crypto projects by market cap thanks to this rally. Currently, XTZ enjoys a market cap of $1.9 billion. However, this begs the question …

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Elliptic, A Crypto Forensic Startup, Raises $23 Million USD

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Elliptic

Elliptic

Elliptic, a British startup firm aimed at tracing suspicious crypto activity, has raised $23 million USD in a funding round led by SBI Holdings.

Elliptic to Expand into Asian Markets

The Series B funding round was led by Japanese financial institution SBI Holdings and will enable Elliptic to continue expansion into Asian markets where it has recently opened an office in Singapore and will open another in Japan this week. Elliptic CEO and founder James Smith cited Asia as a highly attractive market for the company due to its prominent crypto community and the fact that Asian regulators tend to be more technologically advanced than elsewhere in the world.

“The Monetary Authority of Singapore and the Japanese Financial Services Agency are very well-versed in crypto. Japan has its own licensing scheme for exchanges; I think all that is really key to the growth of crypto because once you set the ground rules, then businesses can engage and innovate,” Smith told CoinDesk.

SBI to Incorporate Elliptic’s Technology into VC Trade

Elliptic has developed artificial intelligence and machine learning technologies that are capable of tracing and locating suspicious transactions on blockchains. The company was founded in 2013 in London and had previously raised $12 million USD in five funding rounds. SBI was keen to get involved with the company as it has a number of crypto assets under its portfolio, including an exchange called VC Trade, which will incorporate Elliptic’s technology.

>> Walmart Deploys Blockchain Technology: Things You Need to Know

Elliptic is also looking beyond expansion into Asia with this investment, as it also has plans to develop a monitoring service for Facebook’s under-fire Libra network. Libra has received heavy criticism and scrutiny from regulators who question how they are meant to trust Facebook given the social media giant’s recent history of data misuse. Elliptic hopes to give somewhat of a helping hand to Libra by providing added transparency and security to the network.

Featured Image: DepositPhotos © iqoncept

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The SEC Guidelines are HERE! Release of Crypto Token Guidance

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SEC Guidelines

SEC Guidelines

It’s been nearly six months in the making and now the US Securities and Exchange Commission (SEC) has finally published its regulatory guidelines for token issuers. Though many questions remain unanswered, crypto enthusiasts have finally got some clarity on the issue of “tokens as securities.”

SEC Guidelines

The SEC Guidelines focus on tokens and how and when they may be classed as a security. It includes examples of networks and tokens that fall under security laws, as well as examples of those that don’t.

It outlines a number of elements of a project that token issuers must consider to see if a token qualifies as a security. The following are some examples, (but not all):

  • an expectation of profit;
  • who within the project is responsible for what specific tasks within the network;
  • and whether a group is creating or supporting a market for a digital asset.

Reevaluation

The SEC guidelines also look at tokens that have already sold. It gives an evaluation guideline for investors to see if these tokens should have been registered as securities, as well as whether “a digital asset previously sold as a security should be reevaluated.”

Examples of reevaluation criteria include checking if:

  • The blockchain network and tokens are fully developed and useable straight away;
  • The token has a focus or use and isn’t speculative;
  • There is a limitation for the “Prospects for appreciation” in the token’s value; and
  • It says it is a currency that the token actually works as a store of value.

>> Bitcoin Price: BTC Extends Rally on Strong Momentum, Now What?

A Longtime Coming

As stated, the SEC guidelines have been in the works for almost six months. SEC Director of Corporation Finance, William Hinman, first revealed plans for the guidelines last November. At the time he said the SEC guidelines would help token issuers easily determine whether or not their cryptocurrency would qualify as a security offering.

However, investors and issuers should note that while it provides some legal clarity, the SEC guidelines is not a legally binding document. Back in February, the SEC released its ICO guide.

You can read the latest SEC guidelines in full here.

Featured Image: DepositPhotos / tashatuvango

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Litecoin (LTC) Gains Momentum Post Halving, Jumps 7%

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Litecoin

Litecoin

Litecoin (LTC) has been one of the more popular altcoins in the crypto space for some years now, and during that time, it managed to become one of the biggest cryptocurrencies by market cap.

LTC Jumps 6%

This year, the developers of the blockchain made a momentous decision after it announced that the rewards for Litecoin miners were going to be halved. This created a lot of speculation as to the effect it would have on the token’s price. The event that was being called “the halvening” created a lot of discussions in the crypto space, and this week, it finally went into effect.

Since the rewards for miners have been reduced from 25 LTC to 12.5 LTC for every completed block, some believed that the move could affect the price negatively. However, nothing of the sort happened, and the halving actually triggered an impressive rally in Litecoin as it moved towards the $100 mark. That being said, it is still important to point out that the token is still a far way off from its highest level this year and it would be interesting to see how Litecoin moves over the course of the next days.

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At one point in time today, Litecoin rose by as much as 7% and nearly touched $100.

However, it is important to note that although the rally started on the day the halving was implemented successfully, it is also a day on which Bitcoin rallied strongly, and generally, a surge in Bitcoin results in the rise of other cryptos. Last but not least, the halving of rewards for miners is not the end of it and the founder of the crypto, Charlie Lee, stated that another halving is going to take place in 2023. If the rewards are reduced further, then there is the possibility of Litecoin becoming far more scarce, and when that happens, it could affect the price positively.

Featured image: DepositPhotos © PromesaStudio

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